UBS Group (UBSG.S) announced on Tuesday that Credit Suisse CEO Ulrich Koerner would join the bank’s executive board after its merger with its Swiss competitor, and Todd Tuckner will replace Sarah Youngwood as CFO.
The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse (CSGN.S), which UBS agreed to take over in March for 3 billion Swiss francs ($3.4 billion), assuming up to 5 billion francs in losses as part of a rescue backed by 250 billion francs of state support.
UBS said Koerner would help Credit Suisse’s merger and ensure operational continuity and client focus.
UBS stated that it will explore all possibilities for Credit Suisse’s Swiss operations and “communicate further on this matter in the coming months.”
